A credit card, also known as ‘plastic money’, is a payment card with which the issuer can pay for his/her purchase on credit. This alternative mode of cash has become an essential tool for regular transactions for many individuals to manage the day to day expenses.
Different types of credit cards with different benefits are available on the market making it available for every user as per their requirements. Now, you must be wondering about how to send money from a credit card to a bank account easily. Here is all you need to know about it.
Sending money from credit card
Different types of credit cards are available on the market that comes with benefits like easy or no-cost EMI, with zero interest ATM cash withdrawal, rewards, and benefits, security and provisions to send money from credit card to bank account free. However, to do the last task, you need to follow up on some basic details.
How to send money from a credit card to a bank account?
An individual can send money from credit card to bank account instantly using digital platforms like a mobile wallet or net banking. To transfer amounts, one needs to use mobile wallet apps or they can use the official website of the particular financial institute.
Some key points to remember are –
- The amount may take 1 to 3 days to reflect in the particular bank account.
- It may happen that the interest rate can be higher than that of the standard credit card transaction. Hence, these transactions are not interest-free but do provide a grace period.
- A transaction fee can be charged for some wallet transactions which can range up to 5%.
Credit cards specially designed for funds transfer directly to the bank account are available, that even charge zero or a very minimal charge.
There are many other types of credit cards that charge nil to minimum on such financial tasks which are generally reserved to debit cards.
For instance, you can benefit from interest-free ATM cash withdrawal facilities on the Bajaj Finserv RBL Bank SuperCard for up to 50 days against only a flat processing fee of 2.5%.
Bajaj Finserv additionally provides pre-approved offers on such credit cards which make availing them simpler and easier for prospective users. These offers are additionally applicable on numerous other financial products including business loans, personal loans, etc. Check your pre-approved offer online by submitting only a few essential details.
Is it right to transfer money from a credit card?
After knowing everything about how to send money from a credit card to a bank account, the question which comes to mind is whether it is the right thing to do. It depends on the monetary emergency and transaction that is done by the applicant. It is preferred not to be in debt unless an emergency has occurred, and to do the transaction from savings or current account.
When does a credit card charge a late fee?
Credit cards do come with a lot of benefits. All you need to do is follow some simple tips to get the most out of your credit card, such as paying you’re full outstanding instead of the minimum due. But these benefits need to be availed after having a thorough knowledge of the relative terms and conditions and their charges. The way credit cards solve the query on how to send money from a credit card to a bank account, it does benefits with reward points, personal loans, annual savings, and many more.
A late fee is charged under these circumstances –
- If the minimum due amount is submitted after the due date.
- No payment is done.
- Payment amount deposited is less than the minimum due amount.
Credit cards allow individuals access to specific lines of credit as per terms and conditions which can be used financially for more than just purchases. Make sure you refer to leading financers with a high CIBIL score to avail a credit card which levies minimal charges on such transactions to benefit the most. Make sure you have the basic know-how to apply for the most suitable credit card for yourself and benefit accordingly.
